March 2013

March 7 -

U.S. Federal Reserve Economic Survey Sees Progress in Most Parts of Country

The U.S. Federal Reserve economic survey released Wednesday, March 6 found that the U.S. economy grew in most parts of the country in January and February based on stronger auto sales, increased hiring, and further housing market gains. The survey noted that 10 of the Fed's 12 regional banking districts reported moderate or modest growth. Known as the Beige Book, the report relies on anecdotal information gathered by the regional banks.

The CHICAGO FED district (covering Michigan, Wisconsin, Iowa, and parts of Illinois and Indiana) reported that economic activity expanded slowly. Many business contacts expect growth to stay weak in the first half of 2013, partly because of uncertainty over federal spending cuts. But activity is expected to rebound in the second half of 2013.